Jaipur Watch Company raises Rs 2.4 crore, plans retail expansion

Luxury watch brand Jaipur Watch Company has raised Rs 2.4 crore in a new fundraising round which was led by Lemon Funds’ Nirav Jogani and Dev Diamonds and Lucky Jewellery’s Jignesh Shah. The business diluted an approximately 8% equity stake for the fundraising.

Jaipur Watch Company plans to utilise its new capital to continue to expand its brick-and-mortar footprint across India, ET Bureau reported. With a current offline store total of five, the business plans to launch a further three this year to connect with new customers.
 
Jaipur Watch Company also plans to use its funding for marketing initiatives to increase brand visibility and for investments in inventory. The business has raised a total of Rs 3.5 crore since its inception and plans to continue to seek out investment opportunities. Talks are currently under way to raise between Rs 5.5 crore and Rs 6 crore in a larger funding round, Jaipur Watch Company’s founder Gaurav Mehta told ET Retail.
 
Along with its offline store network, Jaipur Watch Company also retails from its direct to customer e-commerce store which offers international shipping. The brand recently launched the ‘Baagh Collection’ which incorporates vintage coins into a fusion style watch design with the aim of mixing heritage with horology, according to the brand’s Facebook page.